(Source: HighPeak Energy, Shutterstock)
Super-oily HighPeak Energy has hung its “For Sale” sign again, the northern Midland Basin-focused E&P reported.
The operator’s 154 MMboe of proved reserves are in eastern Howard and Borden counties, Texas.
Fourth-quarter production averaged 50,000 boe/d, 81% oil and 11% NGL.
Leasehold totals 132,000 net acres.
The company hired Texas Capital Securities and Wells Fargo Securities to “assist us in our pursuit of strategic alternatives,” it reported as part of its fourth-quarter 2023 earnings.
A campaign to sell the company in first-half 2023 failed to result in an acceptable bid.
Since then, Permian Basin M&A has heated, with three large operators—Pioneer Natural Resources, Endeavor Energy and CrownRock—agreeing to a sale.
HighPeak reported, “In a market landscape where oily, high-margin production and premier inventory are being pursued aggressively, we consider ourselves extremely fortunate to possess assets that meet these criteria.”
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